Term
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Definition
| Value of farm production/Average total assets |
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Term
| Where is net business profit found? |
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Definition
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Term
| Social Security wage base for 2013 |
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Definition
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Term
| How much is a metric ton? |
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Definition
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Term
| Traders with long position in futures market |
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Definition
| Profit when prices go up, lose when prices go down |
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Term
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Definition
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Term
| How to find interest per cow |
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Definition
| Any interest costs + annual operating capital |
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Term
| Straight line mid-year deprecation equation |
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Definition
| Original cost x # from MACRS chart |
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Term
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Definition
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Term
| Weight of bushel of soybeans |
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Definition
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Term
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Definition
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Term
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Definition
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Term
| How to find working capital |
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Definition
| Current assets – current liabilities |
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
| The choice to buy or sell, you do not have to |
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Term
| You must use the mid-quarter convention of depreciation if more than ____ % of 3-20 yr. property is acquired in the 4th quarter |
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Definition
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Term
| What year is the deprecation 0 on the balance sheet |
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Definition
| The year in which the property is “used up” |
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Term
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Definition
| Over-the-road tractors and breeding swine |
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Term
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Definition
| Cars, pickups, vans, breeding/dairy cattle, breeding sheep, computers |
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Term
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Definition
| Machinery&equipment, greenhouses, silos, grain bins, fences, single-purpose ag structures |
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Term
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Definition
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Term
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Definition
| Orchards, vineyards, manufactured homes, paved lots, drainage tiles |
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Term
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Definition
| Multipurpose farm buildings (barns, loafing sheds) |
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Term
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Definition
| The supply/demand does not change with change in price |
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Term
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Definition
| The supply/demand changes with the change in price |
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Term
| Section 179 tax deduction for 2013 |
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Definition
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Term
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Definition
(Interest + Principle + operating costs)-
((Depreciation + interest + operating costs)marginal tax) |
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Term
| Gallons of H2O to make 1% solution with 1 pint |
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Definition
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Term
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Definition
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Term
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Definition
| The bigger the company the more they will buy in inputs = the better cost for inputs….so the more profit they make |
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Term
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Definition
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Term
| Pounds of wheat in a bushel |
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Definition
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Term
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Definition
| Where supply and demand cross |
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Term
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Definition
| An order to buy or sell a stock once the price of the stock reaches a specified price (stop price) |
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Term
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Definition
| An order placed with a brokerage to buy or sell a set number of shares at a specified price or better. |
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Term
| Straight line MACRS using alternative method |
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Definition
| (Basis/life)x Macrs fraction |
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Term
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Definition
| An investment to reduce the risk of adverse price movements in an asset. |
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Term
| Present Value of a Dollar |
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Definition
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Term
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Definition
| Average fixed cost + Average variable cost |
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Term
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Definition
| The party which agrees to deliver a commodity |
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Term
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Definition
| The party which agrees to receive a commodity |
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Term
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Definition
Net Income + Interest/
Total Assets |
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Term
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Definition
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Term
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Definition
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Term
| Return on Total Investment |
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Definition
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Term
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Definition
| Determine a firm’s ability to meet its current financial obligations |
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Term
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Definition
| Determine a firm’s ability to meet long-term debt obligations |
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Term
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Definition
| Determine how profitable a business is. |
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Term
| Examples of tests of liquidity |
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Definition
| Current ratio, acid-test ratio, inventory to receivable ratio |
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Term
| Examples of tests of solvency |
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Definition
| Net worth to fixed assets ratio & net worth to total debt ratio |
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Term
| Examples of tests of profitability |
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Definition
| Earnings to investments ration & earnings to assets ratio |
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Term
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Definition
| Postpone sales to next year, use deferred sales contract, make advance payments for feed, fertilizer and fuel, purchase equipment, use accelerated depreciation, contribute to an IRA |
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Term
| To increase taxable income |
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Definition
| Increase current year sales, postpone expenses and investments, pay bills after Jan 1, do not use expensing, use straight-line depreciation, get supplemental income, withdraw $$ from IRA |
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Term
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Definition
Book value of trade-in + cash difference paid
The starting point to determine tax depreciation |
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Term
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Definition
$500,000 maximun for 2013
Amount expensed cannot be depreciated. One can only expense the cash difference paid. Expensign cannot be used to create a loss. |
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Term
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Definition
| Used by buyers to protect against rising prices. |
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Term
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Definition
| Is used by sellers to protect against falling prices. |
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Term
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Definition
| The price at which the owner of an option may exercise the right to buy or sell the futures contract of a given commodity. |
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Term
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Definition
| Agricultural Stabilization and Conservation Service – administers farm assistance programs designed by the federal government |
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Term
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Definition
| Soil Conservation Service – administer the soil and water conservation programs established by the federal government |
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Term
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Definition
| Farmers Home Administration – provides financial assistance to individuals who are unable to obtain financing through other alternatives |
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Term
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Definition
| Provides information to the public about agriculture, home economics, business and industry, and community development |
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Term
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Definition
| Missouri Department of Conservation – responsible for the protection, management, and conservation of fish, wildlife, and forestry resources |
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Term
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Definition
| Small Business Administration – help people get into business and stay in business. |
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Term
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Definition
| When the change in price is equal to the relative change in quantity available |
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Term
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Definition
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Term
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Definition
| If 72 is divided by the compounding rate, the resulting number will be the number of years that it takes for the sum of money to double |
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Term
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Definition
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Term
| Which form is used to calculate self-employment tax? |
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Definition
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Term
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Definition
| Actual Production History |
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Term
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Definition
| The USDA agency that administers federal crop insurance programs |
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Term
| What are the policy plans for multi-peril crop insurance? |
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Definition
| Revenue Protection, Yield Protection, Revenue Protection with Harvest Price Exclusion |
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Term
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Definition
| The process of finding the present value of a dollar |
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Term
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Definition
| The process of finding the future value of a dollar |
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Term
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Definition
| A constant sum of money to be received or paid on a regular basis for a period of years. |
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Term
| What is listed property for depreciation? |
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Definition
| Items that can be used for home and business use. |
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Term
| An increase in the U.S. dollar relative to currency of other countries would result in… |
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Definition
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Term
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Definition
| The cost of producing one additional unit of output. |
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Term
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Definition
| A written agreement by which an owner of property transfers title to someone for the benefit of beneficiaries |
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Term
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Definition
| Has sufficient assets to cover all debts |
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Term
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Definition
| The interest rate can fluctuate (increase or decrease) |
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